Hi every one i have a 2006 Cobalt ss supercharged i have owned it over 1.5 yrs i recently moved to a remote duty station ( Sugar grove WV). I really don't need it nor want it any more... I owe some thing like 14K its worth maybe 9K is their any way i can get rid of this car?? I really want a 4wd suv i have a family now i didn't when i got the car. Any ideas guys i am paying 380 a month on it and Since the cobalt is a Highly wrecked car from teens the insurance is higher..
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08:37 PM
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mrfiero Member
Posts: 8996 From: Colorful Colorado Registered: Mar 99
There really is no way to get out from under the loan and being that far upside down on it means you have little or no options. You could just keep it and pay it off as you are currently doing or you can trade it in on something else and roll the negative equity into the new loan (not all dealerships will do this).
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08:46 PM
Formula88 Member
Posts: 53788 From: Raleigh NC Registered: Jan 2001
You only have two real options. 1. Sell the car for what you can get and pay off the difference. (either in cash or take out a personal loan for the difference) 2. Buy another vehicle from a dealer that will allow you to roll the negative equity into your new car loan. So, you buy a $20k SUV, you give them the Cobalt and you get a car loan for $25k, less whatever you pay down.
The first two years are the worst for depreciation. This is probably the worst possible time to sell it based on resale value.
yea.... it sucks it just realy lost its fun factor when i moved here no cars to play with.... oh well... hopefully a deer will step out in front of me and kill my car.... Just not me....
yea.... it sucks it just realy lost its fun factor when i moved here no cars to play with.... oh well... hopefully a deer will step out in front of me and kill my car.... Just not me....
Without GAP insurance you still owe the debt. Man up and pay the difference. Hopefully you know better next time. Alternatively go finance a new car, roll in the bad debt and show everyone you learned nothing.
------------------ I been had money.
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10:36 PM
fastblack Member
Posts: 3696 From: Riceville, IA Registered: Nov 2003
Shop around a LOT. Find something that is priced way under book, then trade in the Cobalt for it. Even if it's something you don't really like, just try to get closer and closer to owing what the vehicle you own is worth. Look for trucks and SUV's since they tend to hold their value better. Hopefully you can get close enough to sell the vehicle and be sittin' pretty.
Other than that...keep paying I guess.
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10:52 PM
Doug85GT Member
Posts: 9466 From: Sacramento CA USA Registered: May 2003
You can take the car back to the bank/dealership but you will take a credit hit for it but at least it is not as bad as a repo.
Another option is to try to sucker someone into "taking over the payments" for you. They would take the car and assume the remainder of the loan. You can find ads in the paper regularly for "someone to take over payments".
If you trade it in, you will just transfer what you still owe to the new car.
BTW, if you don't have the title for the car, you can't sell it since you don't really own it. Whoever has the title is the real owner until you pay off the loan.
Main problem with getting someone else to take over payments is that the original owner will still be liable for the loan. Most lenders won't allow liability to be transferred, instead will insist on a new loan for the buyer. Internet is full of horror stories about what happens when someone takes over a note...
Not saying it is legal or even morally right... But two of my neighbors have had their cars stolen in the last couple of months.
Odd thing is, I live in a "safe" neighborhood, in that MOST criminals are bright enough not to come here. Just about every other house is a cop. Both neighbors were getting behind on payments and no longer really feeling it, for their cars. Both got stolen from our private community. And in both cases, after a few weeks, Ins..... State Farm, Paid them off.
I know my State Farm coverage also covers me fully against theft, vandalism and fire. Not that I would suggest such an action... as getting caught would put you in a world of hurt... But my neighbors have.
It's amazing what damage a loose fuel line fitting located near, say, an exhaust manifold or some faulty wiring, can do to a perfectly good car.....especially when you happen to leave it running to warm up the engine or something.
Of course, far be it from me to suggest such a thing.
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12:56 PM
86GT3.4DOHC Member
Posts: 10007 From: Marion Ohio Registered: Apr 2004
The very wording of the topic is quite disgusting.
No, Obama is not going to bail you out of your car loan because you made a bad purchasing decision, nor should your bank or your insurance company have to take take the hit, not to mention without gap coverage it wouldnt matter, you would still owe anything above the total value of the car.
Im really hoping that was just a poor choice of words.
Here in New Jersey, it's easy to get rid of a car, as mentioned by others. But getting rid of the debt is another matter. You probably will get book value for the car, and be stuck with the balance of the loan. Worst possible outcome.
No, wait. You could get arrested for auto theft, destruction of property, and insurance fraud. That would be worse.
You can take the car back to the bank/dealership but you will take a credit hit for it but at least it is not as bad as a repo.
Another option is to try to sucker someone into "taking over the payments" for you. They would take the car and assume the remainder of the loan. You can find ads in the paper regularly for "someone to take over payments".
If you trade it in, you will just transfer what you still owe to the new car.
BTW, if you don't have the title for the car, you can't sell it since you don't really own it. Whoever has the title is the real owner until you pay off the loan.
People taking over payments are not always suckers, but if you are that upside down, it will be hard.
Best bet is to try to trade down and absorb the difference in the new loan if you can. Giving it back to the bank and taking a hit on the difference will kill your credit rating.
The very wording of the topic is quite disgusting.
No, Obama is not going to bail you out of your car loan because you made a bad purchasing decision, nor should your bank or your insurance company have to take take the hit, not to mention without gap coverage it wouldnt matter, you would still owe anything above the total value of the car.
Im really hoping that was just a poor choice of words.
I didn't get anything about him tryign to screw anyone else from the title or post, just wants rid of the car and the note.
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01:13 PM
TXGOOD Member
Posts: 5410 From: Austin, Texas Registered: Feb 2006
Once you get into negative equity it`s hard to get out. My truck, after paying for 3 years, is just getting to be worth what I owe on it. You might be able to get a new car with enough of a rebate or incentive to at least absorb a lot of the negative equity. It`s still probably best to try to sell the car and get a loan for the difference, except when you buy another car, if you spent most of the extra money you have to get the negative equity down, and you put nothing down on a new car, you may lose as soon as you drive it off of the lot.
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02:19 PM
rogergarrison Member
Posts: 49601 From: A Western Caribbean Island/ Columbus, Ohio Registered: Apr 99
Ill also agree that finding someone just to take over the loan would be a good deal, IF you can get someone. Make sure you do all the proper paperwork or YOU can still get stung. Unless yours is exceptional in some way, it will be hard to get someone to take over payments for more than its worth though. I know a girl who got a Saab on a 4 year lease. She hated it after 6 months and couldnt get rid of it. She bought a BMW and let the Sabb sit in her garage till the rest of the lease ran out. She got a lot of her money back because she only put like 5,000 miles on it in the 4 years lease.
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04:21 PM
82-T/A [At Work] Member
Posts: 22527 From: Florida USA Registered: Aug 2002
Hi every one i have a 2006 Cobalt ss supercharged i have owned it over 1.5 yrs i recently moved to a remote duty station ( Sugar grove WV). I really don't need it nor want it any more... I owe some thing like 14K its worth maybe 9K is their any way i can get rid of this car?? I really want a 4wd suv i have a family now i didn't when i got the car. Any ideas guys i am paying 380 a month on it and Since the cobalt is a Highly wrecked car from teens the insurance is higher..
That's pretty far up-side-down. You have negative equity in it, unfortunately...
You don't really have any other option, other than to keep it and continue to make payments on it.
When I had my 2006 Pontiac Solstice, I bought it new. I owed about 6 grand on it, but it was worth 13k, so I was able to trade it in on a good quality used car, and drive away with no payments. But in this case, you don't have any equity. Sucks... but as long as you're able to make the payments right now, you should just keep it and use it.
i have gap.. and the car was a great deal... but the Deprecation value is crap for cobalt's.... due to it begin a Chevy and due to the cruze... i was just asking for advice thats it.. dont have to be a A$$ hole about it...
[This message has been edited by mrbeef (edited 04-14-2011).]
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08:07 PM
TommyRocker Member
Posts: 2808 From: Woodstock, IL Registered: Dec 2009
mrbeef, there was no problem at all with your question, as it is a fair question and you did not suggest you wanted to anything illegal or unfair. I am somewhat surprised that a number of people suggested you commit a felony to get out of the car loan. I will assume they were all tongue and cheek suggestions. If anyone was serious about you committing insurance fraud or arson, then that truly is bad advice. On another note, it is difficult to get out of a note you are upside down in, especially that far. Other than rolling over the note into a new note, you may want to cut your losses by selling the car outright and paying off the balance of the loan. Sorry to hear of your trouble and somewhat disappointed in some of the responses......
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10:43 PM
Apr 15th, 2011
rogergarrison Member
Posts: 49601 From: A Western Caribbean Island/ Columbus, Ohio Registered: Apr 99